A Business at a Glance
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FIRST HAWAIIAN, INC.
FHB
$3.5B
Mkt Cap
$28.11
-1.88%
FIRST HAWAIIAN, INC. (FHB) has a current P/E ratio of 12.8, compared to its historical median P/E of 11.6. The stock is currently considered Fair based on its historical valuation range.
FIRST HAWAIIAN, INC. (FHB) has a 5-year average return on invested capital (ROIC) of 9.9%. This is below average and may indicate limited pricing power.
FIRST HAWAIIAN, INC. (FHB) has a market capitalization of $3.4B. It is classified as a mid-cap stock.
Yes, FIRST HAWAIIAN, INC. (FHB) pays a dividend with a trailing twelve-month yield of 3.84%. The company also returns capital through share buybacks, with a buyback yield of 3.13%.
Based on historical P/E analysis, FIRST HAWAIIAN, INC. (FHB) appears fair. The current P/E of 12.8 is 10% above its historical median of 11.6. The estimated fair value CAGR (P/E method) is 1.2%.
FIRST HAWAIIAN, INC. (FHB) operates in the State Commercial Banks industry, within the Financials sector.
FIRST HAWAIIAN, INC. (FHB) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
The disclosures set forth in this item are qualified by Item 1a. Risk Factors and the section captioned “Cautionary Note Regarding Forward-Looking Statements” in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report. First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”). References to “we,” “our,” “us,” or the “Company” refer to the Parent and its wholly-owned subsidiary, FHB, for purposes of discussion in this Annual Report on Form 10-K. FHI is a bank holding company incorporated in the state of Delaware and headquartered in Honolulu, Hawaii.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 890M | 1.2B | 1.2B | 1.1B | 843M | 734M |
| Net Income | 285M | 276M | 230M | 235M | 266M | 266M |
| EPS | $2.31 | $2.20 | $1.79 | $1.84 | $2.08 | $2.05 |
| Free Cash Flow | 430M | 303M | 289M | 239M | 417M | 397M |
| ROIC | 10.3% | 10.3% | 9.0% | 9.9% | 10.8% | 9.5% |
| Gross Margin | - | 75.3% | - | - | 93.9% | 92.1% |
| Debt/Equity | 0.00 | 0.00 | 0.10 | 0.20 | 0.03 | 0.00 |
| Dividends/Share | $1.08 | $1.04 | $1.04 | $1.04 | $1.04 | $1.04 |
| Operating Income | 13M | 354M | 14M | 15M | 351M | 349M |
| Operating Margin | 1.4% | 30.3% | 1.2% | 1.4% | 41.7% | 47.5% |
| ROE | 10.3% | 10.3% | 9.0% | 9.9% | 10.8% | 9.8% |
| Shares Outstanding | 122M | 126M | 129M | 128M | 128M | 130M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 677M | 703M | 745M | 776M | 825M | 871M | 780M | 734M | 843M | 1.1B | 1.2B | 1.2B | 890M |
| Gross Margin | 94.9% | 95.4% | 95.2% | 92.2% | 87.6% | 86.3% | 78.4% | 92.1% | 93.9% | N/A | N/A | 75.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 157M | 170M | 157M | 163M | 167M | 173M | 174M | 182M | 199M | 226M | 236M | 246M | 250M |
| EBIT | 344M | 24M | 16M | 28M | 26M | 382M | 29M | 349M | 351M | 15M | 14M | 354M | 13M |
| Op. Margin | 50.9% | 3.3% | 2.2% | 3.6% | 3.2% | 43.8% | 3.7% | 47.5% | 41.7% | 1.4% | 1.2% | 30.3% | 1.4% |
| Net Income | 217M | 214M | 230M | 184M | 264M | 284M | 186M | 266M | 266M | 235M | 230M | 276M | 285M |
| Net Margin | 32.0% | 30.4% | 30.9% | 23.7% | 32.0% | 32.6% | 23.8% | 36.2% | 31.5% | 20.9% | 19.7% | 23.6% | 32.0% |
| Non-Recurring | 0 | 0 | 0 | 6.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 8.1% | 7.9% | 8.8% | 7.3% | 9.3% | 9.5% | 6.4% | 9.5% | 10.8% | 9.9% | 9.0% | 10.3% | 10.3% |
| ROE | 8.1% | 7.9% | 8.8% | 7.3% | 10.5% | 11.0% | 6.9% | 9.8% | 10.8% | 9.9% | 9.0% | 10.3% | 10.3% |
| ROA | 1.2% | 1.1% | 1.2% | 0.9% | 1.3% | 1.4% | 0.9% | 1.1% | 1.1% | 0.9% | 0.9% | 1.2% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 247M | 143M | 220M | 270M | 351M | 297M | 210M | 417M | 431M | 255M | 318M | 335M | 458M |
| Free Cash Flow | 226M | 123M | 205M | 260M | 316M | 267M | 176M | 397M | 417M | 239M | 289M | 303M | 430M |
| Owner Earnings | 234M | 128M | 201M | 249M | 330M | 274M | 184M | 388M | 405M | 232M | 292M | 303M | 426M |
| CapEx | 21M | 19M | 16M | 10M | 36M | 29M | 33M | 20M | 13M | 16M | 29M | 32M | 28M |
| Maint. CapEx | 13M | 15M | 15M | 15M | 15M | 15M | 16M | 16M | 15M | 14M | 14M | 16M | 16M |
| Growth CapEx | 7.6M | 4.6M | 742K | 0 | 21M | 15M | 17M | 4.6M | 0 | 2.4M | 15M | 16M | 12M |
| D&A | 13M | 15M | 15M | 15M | 15M | 15M | 16M | 16M | 15M | 14M | 14M | 16M | 16M |
| CapEx/OCF | N/A | N/A | 7.1% | 3.7% | 10.2% | 9.9% | 15.9% | 4.9% | 3.1% | 6.3% | 9.1% | 9.5% | 6.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 86M | 123M | 131M | 138M | 135M | 134M | 133M | 133M | 133M | 131M | 131M |
| Dividend Yield | N/A | N/A | 3.2% | 4.3% | 4.8% | 5.3% | 6.8% | 4.6% | 4.7% | 5.7% | 4.8% | 4.3% | 3.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 132M | 136M | 5.0M | 75M | 9.5M | 0 | 40M | 100M | 107M |
| Buyback Yield | N/A | N/A | N/A | N/A | 5.9% | 4.7% | 0.2% | 2.6% | 0.3% | N/A | 1.3% | 3.1% | 3.1% |
| Stock-Based Comp | N/A | N/A | 4.5M | 5.3M | 6.2M | 7.8M | 10M | 13M | 10M | 9.6M | 12M | 16M | 16M |
| Debt Repayment | 207M | 170M | 207M | 9.2M | 10K | 10K | 9K | 200M | 75M | 75M | 500M | 250M | 250M |
| Balance Sheet | |||||||||||||
| Net Debt | -1.5B | -6.5B | -6.1B | -6.3B | -4.9B | -4.2B | -6.9B | -9.7B | -452M | -1.2B | -920M | -1.5B | -1.7B |
| Cash & Equiv. | 1.3B | 2.7B | 1.1B | 1.0B | 1.0B | 694M | 1.0B | 1.3B | 527M | 1.7B | 1.2B | 1.5B | 1.7B |
| Long-Term Debt | N/A | 48K | 41K | 34K | 600M | 200M | 200M | 0 | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | -0.08 | 0.08 | 0.00 | 0.00 | 0.24 | 0.23 | 0.07 | 0.00 | 0.03 | 0.20 | 0.10 | 0.00 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 2.7B | 2.7B | 2.5B | 2.5B | 2.5B | 2.6B | 2.7B | 2.7B | 2.3B | 2.5B | 2.6B | 2.8B | 2.8B |
| Total Assets | 18.1B | 19.4B | 19.7B | 20.5B | 20.7B | 20.2B | 22.7B | 25.0B | 24.6B | 24.9B | 23.8B | 24.0B | 24.3B |
| Total Liabilities | 15.5B | 16.6B | 17.2B | 18.0B | 18.2B | 17.5B | 19.9B | 22.3B | 22.3B | 22.4B | 21.2B | 21.2B | 21.5B |
| Intangibles | N/A | 21M | 17M | 13M | 16M | 13M | 11M | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | 79M | 139M | 292M | 437M | 474M | 605M | 737M | 838M | 934M | 1.1B | 1.1B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.55 | 1.53 | 1.65 | 1.32 | 1.93 | 2.13 | 1.43 | 2.05 | 2.08 | 1.84 | 1.79 | 2.20 | 2.31 |
| Owner EPS | 1.67 | 0.92 | 1.44 | 1.79 | 2.41 | 2.05 | 1.41 | 2.99 | 3.17 | 1.82 | 2.27 | 2.41 | 3.50 |
| Book Value | 19.14 | 19.59 | 17.75 | 18.20 | 18.43 | 19.77 | 21.13 | 20.50 | 17.76 | 19.47 | 20.36 | 22.05 | 22.75 |
| Cash Flow/Share | 1.77 | 1.02 | 1.58 | 1.94 | 2.57 | 2.22 | 1.61 | 3.22 | 3.37 | 2.00 | 2.47 | 2.67 | 2.47 |
| Dividends/Share | N/A | N/A | 0.62 | 0.88 | 0.96 | 1.04 | 1.04 | 1.04 | 1.04 | 1.04 | 1.04 | 1.04 | 1.08 |
| Shares Out. | 139.8M | 139.7M | 139.5M | 139.2M | 137.0M | 133.5M | 129.9M | 129.6M | 127.7M | 127.7M | 128.6M | 125.6M | 121.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 14.5 | 15.7 | 8.4 | 10.3 | 13.2 | 11.0 | 10.6 | 11.4 | 13.8 | 11.7 | 12.2 |
| P/FCF | N/A | N/A | 16.3 | 11.1 | 7.0 | 10.9 | 13.9 | 7.4 | 6.7 | 11.2 | 11.0 | 10.7 | 8.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 182.5 | 200.8 | N/A | 131.9 |
| Price/Book | N/A | N/A | 1.3 | 1.1 | 0.9 | 1.1 | 0.9 | 1.1 | 1.2 | 1.1 | 1.2 | 1.2 | 1.2 |
| Price/Sales | N/A | N/A | 3.7 | 3.9 | 3.7 | 3.4 | 2.7 | 4.1 | 3.6 | 2.8 | 3.4 | 3.4 | 3.8 |
| FCF Yield | N/A | N/A | 6.1% | 9.0% | 14.2% | 9.1% | 7.2% | 13.5% | 14.9% | 8.9% | 9.1% | 9.4% | 12.6% |
| Market Cap | N/A | N/A | 3.3B | 2.9B | 2.2B | 2.9B | 2.5B | 2.9B | 2.8B | 2.7B | 3.2B | 3.2B | 3.4B |
| Avg. Price | N/A | N/A | 19.19 | 20.68 | 19.89 | 19.70 | 15.20 | 22.44 | 22.13 | 18.21 | 21.30 | 24.12 | 28.11 |
| Year-End Price | N/A | N/A | 23.92 | 20.67 | 16.17 | 21.87 | 18.91 | 22.61 | 22.00 | 21.01 | 24.64 | 25.80 | 28.11 |
FIRST HAWAIIAN, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
FIRST HAWAIIAN, INC. trades at 12.8x trailing earnings, compared to its 15-year median P/E of 11.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.4x vs a median of 11.0x. The company's 5-year average ROIC is 9.9% with a gross margin of 87.1%. Total shareholder yield (dividends + buybacks) is 7.0%. At current prices, the estimated annualized return to fair value is +2.9%.
FIRST HAWAIIAN, INC. (FHB) has a net profit margin of 23.6%. This is a strong margin indicating high profitability.
FIRST HAWAIIAN, INC. (FHB) generated $303 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST HAWAIIAN, INC. (FHB) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
FIRST HAWAIIAN, INC. (FHB) reported earnings per share (EPS) of $2.20 in its most recent fiscal year.
FIRST HAWAIIAN, INC. (FHB) has a return on equity (ROE) of 10.3%. This indicates moderate shareholder returns.
FIRST HAWAIIAN, INC. (FHB) has a 5-year average gross margin of 87.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 12 years of financial data for FIRST HAWAIIAN, INC. (FHB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST HAWAIIAN, INC. (FHB) has a book value per share of $22.05, based on its most recent annual SEC filing.